(Alliance News) - Avio Spa reported on Wednesday that it closed 2023 with a net profit of EUR6.6 million, up from EUR1.3 million in 2022, partly due to "higher financial income accrued on escrow deposits activated during the year," the company points out.

The board of directors will also propose a dividend per share of EUR0.24. In 2023 the company had not distributed a dividend and in 2022 this had been EUR0.178.

The order backlog reaches a "record" figure, Avio writes, and is EUR1.36 billion with an increase of 34 percent compared to December 31, 2022, exceeding guidance targets.

This result "was possible thanks to the record level of orders reached during the year, amounting to EUR684 million, mainly related to technology development projects and new orders in the tactical propulsion field," the statement says.

Net revenues amounted to EUR338.7 million, in line with guidance, and down from EUR257.3 million in 2022 "due to the slowdown in the production of the P120 and Vega C engines, due, respectively, to the postponement of the maiden flight of Ariane 6 to June-July 2024 and the return to flight of the Vega C expected in the fourth quarter of 2024, partially offset by the increase in technology development and tactical propulsion activities."

Ebitda is EUR20.5 million from EUR21.4 million in 2022.

Ebit is EUR5.2 million from EUR2.2 million in the previous year.

Net cash position is EUR76.1 million, broadly in line with 2022 results.

At the meeting, the board approved guidance for 2024, estimating an order book of EUR1.50 billion to EUR1.60 billion, revenues of EUR370-290 million, reported Ebitda of EUR21-26 million, and profit of EUR6 million to EUR10 million.

The BoD also proposed to initiate a new share buyback program of EUR4.9 million, or 5.3 percent of share capital.

Avio's stock gives up 2.0 percent to EUR8.95 per share.

By Chiara Bruschi, Alliance News reporter

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